DCPCFML:
simcor:
The same article and others also talk about former tuffnels staff allegedly taking confidential information to DX. Seems there was an ongoing court battle over that with DX.Sold to Palm Bidco for just £15m in 2020 to be paid over 3 years. Smiths news bought tuffnels in 2014 for near enough £115m so a cool £100m loss on the deal after buying them.
Palm Bidco is a specialist purpose vehicle backed by investors brought together by the specialist restructuring advisory firm Broad Oak Support Services (BOSS) to support an extended Tuffnells management team, which is set to be led by new chief executive Ignacio Garat
Didn’t they do well in turning around it’s fortunes?
Operating loss of £14.4m in 2020 when it was sold to Palm Bidco.
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They are not there to “turn around its fortunes”. They are there to asset strip the company, ie. strip the meat from the bone, cherry-picking the juicy contracts and offloading them, then what remains is the worthless carcass that nobody wants, which is the point where the administrators are brought in to wind up the company and hand the staff their P45s.
Much of their cargo was oversized, heavy and odd-shaped stuff that none of the other couriers want because it’s too time-intensive handling it vs. the avalanche of damage claims they have to deal with. TNT used to do a lot of this type of cargo, but once FedEx took over they’ve been gradually sacking it off through exorbitant pricing as they only want cargo in nice and easy square boxes to get maximum volume per cube.
Good point tbh and I did say that to my mum earlier when talking about it, most likely reason was buying it for peanuts and asset strip it of anything worthwhile and let it go to the wall as always.
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